[135 Pages Report] MarketsandMarkets expects the software asset management market to grow from USD 1.06 Billion in 2016 to 2.32 Billion by 2022. The global market is expected to grow at a Compound Annual Growth Rate (CAGR) of 14.8% during the forecast period. The forecast period has been considered from 2017 to 2022, while 2016 has been considered as the base year for estimating the market size.

Objectives of the Study

The main objective of this report is to define, describe, and forecast the software asset management market by component (solutions and services), deployment type, organization size, industry vertical, and region. The report provides detailed information regarding the major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the growth of the market. The report forecasts the market size with respect to 5 main regions: North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and Latin America. The report also profiles key players and comprehensively analyzes their core competencies. Moreover, this report tracks and analyzes competitive developments, such as mergers and acquisitions, new product developments, and Research and Development (R&D) activities, in the market.

The research methodology used to estimate and forecast the software asset management market began with the collection and analysis of data on key vendor product offerings and business strategies from secondary sources, such as OneSource, Business Browser, Hoover's, 10K Wizard, Bloomberg, Thomson StreetEvents, and Factiva, and other sources, such as IT service providers, technology providers, press releases, investor presentations of companies; and white papers, technology journals, certified publications, and articles from recognized authors, directories, and databases. The vendor offerings were also taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the total market size of the market from the revenue of the key software asset management solutions, services, and service providers. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key people, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives.

The research report categorizes the software asset management market to forecast the revenues and analyze the trends in each of the following submarkets:

By Component

Solutions

License Management

Audit and Compliance Management

Software Discovery, Metering, and Optimization

Contract Management

Configuration Management

Others (Reporting, Analytics, and Security)

Services

Professional Services

Consulting

Support and Training

Deployment and Integration

Managed Services

By Deployment Type

On-premises

Cloud

By Organization Size

SMEs

Large Enterprises

By Industry Vertical

Banking, Financial Services, and Insurance (BFSI)

IT and Telecom

Manufacturing

Retail and Consumer Goods

Government

Healthcare and Life Sciences

Education

Media and Entertainment

Others (Energy and Utilities, and Legal Services)

By Region

North America

Europe

MEA

APAC

Latin America

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the companys specific needs. The following customization options are available for the report:

Product Analysis

Product matrix which gives a detailed comparison of the product portfolio of each company

Geographic Analysis

Further breakdown of the North American software asset management market into countries

Further breakdown of the European market into countries

Further breakdown of the APAC market into countries

Further breakdown of the MEA market into countries

Further breakdown of the Latin American market into countries

Company Information

Detailed analysis and profiling of additional market players

The software asset management market is expected to grow from USD 1.16 Billion in 2017 to USD 2.32 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 14.8% during the forecast period, owing to the increasing need for managing the lifecycle of assets. The rising pressure on software vendors and users to adhere to the regulations and compliances is expected to be a major driving factor for the growth of the market.

Software asset management solutions and services deal with licensing software, monitoring software usage, and ensuring adherence to audit compliances, to give enterprises a comprehensive view of the entire software life cycle and optimize their IT spending. With the enterprises increasing expenditure on technology, managing an array of software portfolio is getting complex. The enterprises are keen on adopting efficient software asset management tools to optimize their spending on different software. Considering the rapid proliferation of the Bring Your Own Device (BYOD) trend in organizations, it has become necessary for the enterprises to track and monitor the usage of diverse software on different devices, such as smartphones, tablets, and laptops, to protect themselves from using unauthorized or pirated software licenses. Some of the benefits offered by the software asset management solutions and services include cost reduction, enhanced security, and reduced IT support.

The evolution of software asset management solutions has transformed the way organizations operate in the competitive business environment. The IT leaders are concerned about the increasing cost of software, and are trying to ensure audit-readiness to avoid unbudgeted penalty expenses for license non-compliance.

North America and Europe are expected to be the major contributors to the software asset management market in terms of revenue. This can be attributed to major factors, such as stringent laws in these regions that force organizations to comply with the regulations. Furthermore, the organizations in these regions are making huge investments in technologies, which has created the need to manage the life cycle of their complex software assets. The APAC region is expected to be the fastest growing in the market. The increasing commercial investments in the developing countries of the APAC region is expected to benefit from the growth of the market in the coming years. The MEA and Latin American regions are expected to witness a gradual growth in terms of adopting software asset management solutions and services.

However, budget constraints and the lack of awareness among the Small and Medium-sized Enterprises (SMEs) are expected to be major restraining factors for the adoption of software asset management solutions and services.